Indy Housing Market Update
Welcome again to another issue of the Indy Housing Market Update... where I briefly summarize the current trends of our local housing market, and provide a link to the latest home sale statistics from our local board, the Mid-Indiana Board of Realtors (MIBOR).
Hot Topics for the Month of April
It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.
Closed Sales were down 2.8% to 2,086. Pending Sales increased 10.6% to 2,786, and Inventory shrank 5.8% to 6,447.
Median Sales Price was up 3.8% to $173,900. Percent of Original List Price Received decreased 0.6% to 94.6%. Absorption Rate was down 4.5% to 2.1 months.
The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year- over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather- related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.
Summary of February, 2019 MIBOR Report
Here is a breakdown of the market data from MIBOR's 15-county service area during the three months ending in February, 2018:
- Number of units SOLD for the quarter compared to last year: (-5.4%)
- Marion County (-3.9%)
- Hamilton County (-3.3%)
- Number of Pendings for the quarter compared to last year: (+11.4%)
- Number of New Listings for the quarter compared to last year: (+0.8)
- Marion County (+3.2%)
- Hamilton County (5.6%)
- The Average Sales Price for the quarter compared to last year: (+7.0%)... to $212,838
- Marion County (+2.4%)... to $164,499
- Hamilton County (+8.6%)... to $334,607
- The Median Sales Price for the quarter compared to last year: (+6.1%)... to $175,000
- Marion County (+4.2%)... to $142,700
- Hamilton County (+10.7%)... to $289,950
- The Percent of Original List Price Received at Sale for the quarter is: (-0.6%)... to 94.3%
- Marion County (-1.0%)... to 93.7%
- Hamilton County (0.6%)... to 95.4%
- The Months Supply of Inventory for February, 2019 in the 15-county MIBOR service area is down 4.2% to 2.1 months... compared to 2.2 months at the end of February, 2018.
- Marion County (+3.5%)... to 2.0 months at the end of February, 2019... compared to 1.9 months in February, 2018.
- Hamilton County (-6.6%)... to 2.2 months at the end of February, 2019... compared to 2.4 months in February, 2018.
Thanks again for your support... and your referrals. Have a great month!
Hot House Home Team, eXp Realty
www.mainmasters.com (a unique website devoted to the search for 1-level homes in the greater Indpls. area)
Indianapolis Star 2012-2018 Five Star Real Estate Agent Award Winner